Can anyone explain me, how the private lending works ?
Is it usual to pay the following fees upfront ?
- PPI (Payment Protection Insurance)
- Loan Agreement Contract Fee
- Closing Contract
Is it normal to pay these fees upfront, when dealing with private lenders ?
If anyone can layout out the typical process and fees with private lenders,
that will be very helpful.
Uday,, we emailed to you this morning to see about your deal..
happy to go through the process.. please respond back to Frank asap
Harbour Equity Partners
Private Client Services, LLC
Admin Assist. | Private Banking and Client Services
NY Office 631-757-9700
The fees can be added to closing by some lenders.
Lenders like to see "skin in the game", and most ask a downpayment towards the purchase amount.
Where are you looking to lend? Do you have a scenario to send us?
Down payment is fine.
But, some scammers ask to wire transfer the money to their own account and disappear.
If you are ever in need of rehab funds, I know of a company which funds the renovation 100% up to 300K. If you are interested, email me to email@example.com
Send me the info.
I have been in the financial industry funding projects for 42 years, both National and International. 30+ years funding from my own balance sheet.
I have also been in related activity in the insurance industry and currently have a relationship with one of the largest Re Insurer companies in the world. I have found no insurance company that offers any type insurance policy (PPI) that protects an investor against default..I have also found that some scam investors ask that such a policy be "purchased" and the premium , which is usually very large amount of money, be paid prior to any funding amount issued.
There always fees/costs associated with a funding, and tho usually for the same events in the funding process, may be called by different names. I council, never pay any fee unless you have the LOI/Term sheet in hand..and then be cautious that you have in fact verified the capital source has actually recently funded and has the capital in hand to fund.
Bottom line, I always advise my clients..IF YOU MUST ERROR, ERROR ON THE SIDE OF CAUTION.
the opinions stated above are my own based on my 42 years experience and knowledge, and do not represent anyone else. firstname.lastname@example.org